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Compute tom total depreciation deduction for the year

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Question - In June 2020, Tom, Inc. acquired and placed in service business equipment costing $625,000. The equipment is classified as 7-year property. No other property acquisitions are made during the year. Tom elects to claim the maximum bonus depreciation allowed. Tom's taxable income before depreciation is $1,130,000. Compute Tom's total depreciation deduction for the year. What is the amount of carry-forward for the election to expense?

Reference no: EM133020412

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